Amber Group Axes Top Executives, Grayscale Launches Decentralized Finance Fund

Markets have opened higher amidst a hotter-than-expected Producer Price Index (PPI) print. PPI rose 0.3% for a third consecutive month and 7.4% YoY (vs 7.2% consensus), reflecting softer supply conditions in the economy from a peak of 11.7% in March. SPX and QQQ are trading 0.2% and 0.4% higher than yesterday’s close, with NDAQ lagging at -1.0%. Digital asset markets have rebounded similarly, with BTC and ETH trading 1.4% and 2.1% higher in the past day, respectively. Over the last week, FXS (24.5%) and AXS (+17.5%) have posted impressive gains. The former benefitted from Curve’s founder migrating over half ($40m) of his levered positions to Fraxlend, while the latter has appreciated in anticipation of a new season.